SENATE, No. 1660

STATE OF NEW JERSEY

INTRODUCED OCTOBER 28, 1996

By Senator McGREEVEY

An Act restoring loan fund repayments to the Public School Facilities Code Compliance Loan Fund and Public School Facilities Loan Assistance Fund, making an appropriation from the General Fund for that purpose, supplementing P.L.1996, c.42 and repealing section 41 of P.L.1996, c.42.

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

    1.    There is appropriated from the General Fund to the New Jersey Economic Development Authority, $20,500,000 for transfer to the Public School Facilities Code Compliance Loan Fund, established pursuant to section 4 of P.L.1993, c.102 (C.34:1B-7.23), and the Public School Facilities Loan Assistance Fund, established pursuant to section 5 of P.L.1993, c.102 (C.34:1B-7.24). The authority shall allocate the appropriation between the two funds in the same proportion in which appropriations were made from those funds to the General Fund pursuant to section 41 of P.L.1996, c. 42.

    2.    Section 41 of P.L.1996, c.42 is repealed.

    3.    This act shall take effect immediately.

STATEMENT

    This bill repeals section 41 of P.L.1996, c.42, the FY1997 appropriations act, which appropriated for transfer to the General Fund as State revenue $20.5 million from loan repayments to the Public School Facilities Code Compliance Loan Fund and the Public School Facilities Loan Assistance Fund. These two school funds were established pursuant to the "Public School Capital Finance Assistance Act," P.L.1993, c.102 (C.34:1B-7.20 et seq.), as special non-lapsing revolving funds, and were intended to provide for the construction, renovation, repair, alteration and conversion of public school buildings.

    The bill also appropriates $20.5 million from the General Fund to the New Jersey Economic Development Authority (EDA) to provide for the repayment of the Public School Facilities Code Compliance Loan Fund and the Public School Facilities Loan Assistance Fund, and further directs that the EDA shall allocate this appropriation between the two funds in the same proportion in which appropriations were made from those funds to the General Fund pursuant to the FY 1997 appropriations act.